Brown Bag Seminar - Jiri Knesl (Saïd Business School, University of Oxford)

Als Vortragenden dürfen wir Jiri Knesl (Associate Professor of Finance at Saïd Business School, University of Oxford) begrüßen.

Er wird sein Paper "Cash Return on U.S. Publicly-listed Stocks: When, How, and How Much. (joint with Adlai Fisher, Sauder School of Business, University of British Columbia) vorstellen.

Abstract:

We study lifetime firm-level cash returns to investors in U.S. public companies. Beyond traditional buy-and-hold, we emphasize the perspective of a representative investor who participates in all corporate actions including issuances, repurchases, and mergers, while tracking holdings through stock transactions. Consistent with Bessembinder (2018), cash returns are highly skewed, with about 25% of firms returning net positive cash throughout their lifetime. Controlling for standard predictors, firm age plays a significant and lasting role in net payouts, with a highly convex payout profile in age that becomes more pronounced in the second half of the sample. Delistings play a key role in cash returns, either immediately in cash acquisitions, or in stock acquisitions by accelerating the return of cash by acquirors. For the majority of companies, most of cash returned occurs at or after delisting, including mergers and acquisitions.

Das Brown Bag Seminar findet am 29. September 2026 von 12:00-13:00 Uhr im Raum D4.0.136 statt.